Yurchison

Highlights:

• The Yurchison Project has been expanded through the staking of sixteen additional mineral claims totaling 16,966 hectares, increasing the project’s total land package to 35,029 hectares.
• At the Yurchison Lake Project, prospecting near old trenches returned significant uranium (0.09% to 0.30% U3O8) and molybdenum (2,500 ppm to 6,400 ppm) mineralization in both outcrop and float samples
• The property boasts strong discovery potential for both basement hosted uranium mineralization as well as copper, zinc and molybdenum mineralization
• Completed an airborne geophysical survey at its Yurchison Uranium Property. A total of 1,424 line kilometres of survey was completed at 50 metres line spacing using an AS 350 BA + helicopter
• In July 2026, Skyharbour signed a definitive option agreement with Purecore Metals Inc. whereby Purecore can option up to a 100% interest in the Yurchison Uranium Property
• To earn an initial 70% interest, Purecore will pay Skyharbour C$350,000 in cash, issue C$700,000 in shares, and incur C$3.5M in exploration expenditures over three years, with Skyharbour retaining a 2.0% NSR royalty. Purecore can then acquire the remaining 30% for a total 100% interest via an additional C$3M cash payment and C$3M in shares (C$6M total), with Skyharbour keeping the NSR

Project Summary:

The Yurchison Project has been expanded through the staking of sixteen additional mineral claims totaling 16,966 hectares, increasing the project’s total land package to 35,029 hectares. The expanded project consolidates the former Yurchison and Spence properties into a single land package. The Yurchison Project is located approximately 75 to 85 km south of Cameco’s Rabbit Lake operation, with Highway 905 located within 1 km of the westernmost claims. The project is underlain by Wollaston Supergroup metasedimentary gneisses, including psammopelitic to pelitic gneisses, graphitic pelitic gneisses adjacent to Archean granitic gneisses in the Eastern Wollaston Domain.

The project area has seen significant historical exploration including airborne electromagnetic, magnetic, and radiometric surveys, as well as ground magnetic, EM, IP, and gravity surveys, prospecting, geological mapping, geochemical sampling, and drilling. The drilling was primarily conducted between the 1960’s and 1980’s with additional work completed in the mid-1990’s and 2000’s. The historical exploration on the eastern side of the property was largely focused on exploring SEDEX-style Pb-Zn mineralization following the discovery of the historic George Lake Pb-Zn Deposit adjacent to the property.

The majority of the work on the property was completed before 2000, with minimal follow-up since, and most of the property remains underexplored. There are several uranium, molybdenum, and thorium showings on the project, which remains highly prospective for both basement-hosted uranium, pegmatite-hosted U-Th-REE, and sediment-hosted Cu-Pb-Zn mineralization. The most recent work on the property included airborne EM (VTEM and VLF-EM), magnetics, and radiometrics surveys flown in 2022 and 2023.

Historical Work:

There is a significant amount of historical work on the property and surrounding areas, mainly focused on the eastern claims, including 23 underground surveys (diamond drilling, sampling and relogging of historical holes, and Wacker drill overburden till sampling) and various prospecting and geophysical programs. Some areas of the property such as the George Lake Zone have seen more extensive drilling, but in most areas, drilling has been limited with little or no follow-up. The majority of the work on this property was completed prior to 2000, with only a nominal amount (25 drill holes, 4 ground geophysical surveys, 4 airborne surveys) completed in the last 20 years. Previous showings/deposits in the area include several Pb-Zn, U, Mo, and/or Cu occurrences, for which there are more than 60 records in the Saskatchewan Mineral Deposits Index, the most significant of which include the George Lake Zn-Pb deposit (adjacent to the Skyharbour claims, SMDI 0663), and the Joannie Showing, just south of the Compulsion River. The most recent drilling in the Yurchison Project area was completed in 2008 by Golden Arch Resources/101083503 Saskatchewan Ltd. In the Wakefield and Brakewell Lakes area, and by JNR Resources Inc. in the Courtenay / Yurchison Lake area. The 2008 drilling by Golden Arch Resources / 101083503 Saskatchewan Ltd. confirmed the presence of zinc and lead mineralization at the George Lake Zinc zone and correlated well with Falconbridge’s previous drilling results. Additionally, there is a small volcanic-hosted copper showing near Courtenay Lake

Recommended Future Work Programs:

Recommendations for future work include a reassessment of historical till geochemistry and relogging of available historical drill core to better understand the stratigraphy and its relationship to the sulphide mineralization and the mineralizing systems. Modern geophysical techniques should also be employed in order to look for signatures related to known mineralization. This work should be followed up by systematic geological mapping, geochemical sampling and prospecting program. A systematic diamond drilling program should be undertaken on priority targets on the property.

 

Option Agreement with Purecore:

Under the terms of the Option Agreement, Purecore may acquire an initial 70% right, title and interest in and to the Property, subject to a 2.0% net smelter return royalty (“NSR Royalty”) retained by Skyharbour, by making cash payments to Skyharbour totalling C$350,000 (the “Cash Payments”), issuing common shares of Purecore (the “Consideration Shares”) having an aggregate value of C$700,000, and incurring a minimum of C$3,500,000 in exploration expenditures on the Property (the “Exploration Expenditures”), all in accordance with the following schedule:

Date	Cash Payments	Issuance of Consideration Shares(1)	Exploration Expenditures(2)
Within 5 Business Days of the Exchange Acceptance Date(3)	$50,000	Consideration Shares having a value of $100,000(4)	Not applicable
On or before the first anniversary of signing the Option Agreement	$100,000	Consideration Shares having a value of $200,000(4)	Incur a minimum of $500,000 in Exploration Expenditures
On or before the second anniversary of signing the Option Agreement	$100,000	Consideration Shares having a value of $200,000(4)	Incur an additional $1,000,000 in Exploration Expenditures
On or before the third anniversary of signing the Option Agreement	$100,000	Consideration Shares having a value of $200,000(4)	Incur an additional $2,000,000 in Exploration Expenditures
Total	$350,000	Consideration Shares equivalent to the value of CAD $700,000(4)	$3,500,000

Notes:

(1)   Purecore will not issue any Consideration Shares, or elect to satisfy any portion of any amount owing to Skyharbour pursuant to the Option Agreement in shares, to the extent such issuance would result in Skyharbour holding 10% or more of the outstanding shares of Purecore, or Skyharbour becoming a reporting insider of Purecore. In the event the issuance of shares would otherwise result in Skyharbour holding 10% or more of the outstanding shares, Purecore will not proceed with the issuance of the portion of the shares which would result in this and will instead have an additional 60 days by which to complete the equivalent cash payment to Skyharbour to make up the shortfall in the value of the shares to be issued (the “Ten-Percent Ownership Clause”).
(2)   In the event that Purecore incurs less than the required Exploration Expenditures in any period, it may pay the shortfall amount to Skyharbour in cash in satisfaction of that period’s expenditure requirement. Exploration Expenditures incurred in excess of the required amount in any period will be carried forward and applied to succeeding periods.
(3)   The “Exchange Acceptance Date” means the later of: (i) 5 Business Days after Purecore has filed a Form 9 with the CSE in respect of the Option Agreement; and (ii) the date on which any comments from the CSE in respect of the Option Agreement have been resolved to the satisfaction of the CSE as determined by Purecore.
(4)   The Consideration Shares will be issued at a price equal to the 20-day volume-weighted average price (the “20-Day VWAP Price”) of the shares of Purecore listed on the Canadian Securities Exchange (“CSE”), determined at the time of issuance, subject to the minimum pricing rules of the CSE.

Immediately upon satisfying all of the above conditions, Purecore will be deemed to have exercised the Option and to have earned a 70% interest in and to the Property, subject to the NSR Royalty.

Purecore may earn an additional 30% interest in the Property, for a total 100% interest and subject to the NSR Royalty, by making an additional cash payment to Skyharbour of $3,000,000 and issuing additional Consideration Shares having a value of $3,000,000 (based on the 20-Day VWAP Price at the time of issuance, subject to the minimum pricing rules of the CSE and the Ten-Percent Ownership Clause), within 30 business days of earning the initial 70% interest. In the event that Purecore earns the initial 70% interest in the Property and elects not to acquire the additional 30% interest, the parties may form a joint venture in respect of the Property on terms to be agreed, with each party participating in proportion to its respective interest.

Purecore also has the right at any time to purchase one-half of the NSR Royalty (being a 1.0% NSR) from Skyharbour in consideration of a payment of $1,000,000 to Skyharbour.